Available credit ?????

panda-poop

Hi everyone ,
Been a browser on the website for years but never took the plunge to join , so tadaaaa here iam lol
Ok i was in 24k worth of debt last year mostly through my love of cars lol
i got to the point where i was left with very little after everything went out , so i decided to try baines and ernst for a debt management plan .... i got to the point where i was about to sign on the dotted line and i thought No .. il do it myself ... so in jan i moved back in with the parants from a rented house i cancelled all my utilities from when i was in the house and noticed almost straight away a difference in free cash so instead of going wild and living the dream at the olds i saved it and went cold turkey battering the overtime , and selling everything i had of any value on ebay and i mean everything i told myself that if i needed it again i would buy it lol and for 5 months ive not gone out or spent a bean .... as soon as i got paid i put money aside for my next loan to be paid off ( 5 loans in total a mix of personal ,c/c and car finance ) so here iam 5 months later and i now owe 4k with one loan left using $68 of my monthly income which from $680 a month is quite good i think lol

so anyway i checked my credit report and i am 842 which puts me in the good catagory ..... but i have had a negative factor for the past few months saying that my available credit is at 97% ....... what does this mean iam trying to balance transfer my last debt to a better one but apparently this factor is stopping me ......... any ideas ???????


p.s my keyboard is set in yank mode so excuse the $$$$$ lol

prettyplease

I cannot help with what your credit report means but wanted to say well done :j.
£20,000 debt cleared in a year is amazing. Keep with it!

Have you used noddle credit report? Its free to use and they then recommend credit cards based on credit status. I guess thats how they make their money. I was in a mess but barclaycard gave me £8000 on a 0% balance transfer.

Ooh I also opened a nationwide account to get £70 quidco and after the account was opened an offer popped up for a 0% credit card - so put another £3700 on that one plus fee free overdraft of £1000 for a year. That may be a solution?

Angry_Bear

panda-poop wrote: »

so anyway i checked my credit report and i am 842 which puts me in the good catagory ..... but i have had a negative factor for the past few months saying that my available credit is at 97% ....... what does this mean iam trying to balance transfer my last debt to a better one but apparently this factor is stopping me ......... any ideas ???????

Well done on clearing your debts! I wouldn't worry too much about the score and the "negative factors" the credit reference agencies refer to. Each bank/financial institution will create their own scores so the only thing that matter is the details on your credit report.

Provided you have no late payments, defaults, CCJs etc. and are on the electoral roll (VERY important) you probably won't have any trouble getting a credit card/loan (depending on your income, of course). I'd suggest asking at your own bank first as they will be able to see your history and how you've conducted your accounts.

I'm not sure what you mean by "this factor is stopping me" - does this mean you have applied for a CC or loan and been refused?